UN panel pays out nearly $1 billion for losses from Iraqi invasion of Kuwait
A Geneva-based United Nations panel today paid out nearly $1 billion in damages arising from Iraq’s 1990 invasion – and subsequent occupation – of Kuwait.
The UN Compensation Commission, which draws its funds from a portion of Iraqi oil revenue, disbursed $995,381,059 to 1,750 successful claimants.
The money was granted to 25 countries and two international organizations – the UN Development Programme (UNDP) and the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). Collectively, they are responsible for distributing payments within one year, or the money must be returned to the Commission.
If a government or international organization fails to report back to the Commission or fails to return undistributed funds, further payments to that entity are suspended.